LOLC ups FY14 post-tax profit by 22% to Rs. 3.1 b

Lanka Orix Leasing Company PLC (LOLC) has increased its consolidated after tax profit by 22% to Rs. 3.12 billion in the financial year ended 31 March over the previous year.
Pre-tax profit also grew by a similar percentage to Rs. 4.5 billion. Net profit attributable to ordinary shareholders amounted to Rs. 1.53 billion, though down from Rs. 1.9 billion in FY13.
Group income rose by 6% to Rs. 45 billion. Gross profit was however down by 11% to Rs. 5.5 billion in FY14.
A 44% growth in other income to Rs. 3.6 billion helped profit before operating expenses rise by 19% to Rs. 20.3 billion.
This was despite a 13% rise in net finance costs to Rs. 16.4 billion.
In the fourth quarter, LOLC Group revenue was Rs. 1 billion down from Rs. 11.75 billion whilst pre-tax profit improved to Rs. 1.46 billion from Rs. 1.0 billion in the corresponding period of FY13.
After tax profit rose from Rs. 775 million to Rs. 1.13 billion whilst the bottom line rose from Rs. 187 million to Rs. 239 million in 4Q of FY14.
In the full year, financial services reported a pre-tax profit of Rs. 4.13 billion (up from Rs. 3.3 billion in FY13) whilst trading produced Rs. 542 million in comparison to a loss of Rs. 208 million in the previous year. Insurance chipped in with Rs. 82 million pre-tax profit up from Rs. 27 million in FY13 and plantation’s contributions was Rs. 13 million down from Rs. 235 million in the previous year. Leisure reported a loss of Rs. 334 million down from Rs. 902 million in FY13 and power and energy losses were Rs. 159 million, up from Rs. 12 million in FY13.
Group assets as at 31 March were Rs. 175.4 billion, up from Rs. 163 billion a year earlier. Liabilities rose from Rs. 119.6 billion in FY13 to Rs. 130.6 billion in FY14.